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Oklahoma City, OK (July 1, 2018) – On June 27, 2018, a securities class action lawsuit was filed in the United States District Court for the Northern District of Illinois against Gogo, Inc. (NASDAQ: GOGO). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is February 27, 2017 through May 7, 2018. More specifically, this litigation was filed because Gogo’s 2Ku antenna suffered from manufacturing, software, and reliability issues and required replacement due to de-icing fluids from planes infiltrating the 2Ku system. As a result of the many problems with the 2Ku antenna, Gogo would not be able to meet its previously issued 2018 guidance.
On May 4, 2018, Gogo discussed the financial impact of the de-icing issues, revealing that adjusted EBITDA is expected to be below the previously provided range of $75 million to $100 million due to increased costs and lost revenue related to the 2Ku implementation challenges.
Then, on May 7, 2018, Moody’s downgraded Gogo’s credit rating, citing Gogo’s weak operating performance in its two commercial aviation segments, and predicting that operating metrics would remain weak in 2018. On this news, Gogo’s stock has fallen to close at $4.88 on June 29, 2018.
Plaintiff seeks to recover damages on behalf of all Gogo, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Monday, August 27, 2018 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
If you wish to discuss this action, obtain further information and participate in this or any other securities litigation, or should you have any questions or concerns regarding this notice or preservation of your rights, please contact: Robin Hester at firstname.lastname@example.org